China Has Been Increasing Its Gold Reserves for 12 Months: Latest Data

Important Step from the People's Bank of China

The People's Bank of China continued to increase its gold reserves in October, following a rise in gold prices to record levels. The reserve amount, which was 74.06 million ounces in September, has increased to 74.09 million ounces in October. This increase marks 12 consecutive months of growth in China’s gold reserves.

Demand for Gold as a Safe Haven

Following the trade agreement between the US and China, demand for gold bullion, seen as a safe haven, has decreased, contributing to a recovery in prices. However, it has been noted that gold prices are progressing towards their best annual performance since 1979, driven by positive economic indicators such as US interest rate cuts.